ST. LOUIS, Dec. 19, 2011 /PRNewswire/ -- Charter
Communications, Inc. (NASDAQ: CHTR) ("Charter" or the "Company")
today announced that its Board of Directors has concluded its
previously announced CEO search process and appointed Thomas M. Rutledge as President and Chief
Executive Officer. Mr. Rutledge joins Charter immediately and will
become the President and Chief Executive Officer effective
February 13, 2012. Mr. Rutledge
will also become a member of the Charter Board of Directors at that
time.
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Mr. Rutledge, 58, joins Charter from Cablevision Systems
Corporation, where he served as Chief Operating Officer from
April 2004 until December 2011.
A 34-year cable industry veteran, Mr. Rutledge previously served as
president of Time Warner Cable. He began his career in 1977
at American Television and Communications (ATC), a predecessor
company of Time Warner Cable. Mr. Rutledge currently serves
on the board of the National Cable and Telecommunications
Association (NCTA), and served as Chairman of the NCTA from
2008-2010.
Mr. Rutledge will succeed Michael J.
Lovett, who announced in October his plan to step down as
President and Chief Executive Officer of Charter on the earlier of
April 30, 2012 or when a successor
was appointed. Mr. Lovett will remain in his current capacity
until February 12, 2012 to assist Mr.
Rutledge in the transition to the new role.
Eric L. Zinterhofer, Chairman of the Board of Charter,
said, "After conducting a comprehensive search process, the Board
is delighted to welcome Tom to the Charter team. Tom is a
highly accomplished executive with a long track record of
success. He has the rare combination of operational expertise
and strategic vision to lead Charter through its promising next
phase of growth. We look forward to working with him.
On behalf of the Board of Directors, I would also like to thank
Mike for his many contributions to Charter over the past eight
years and for helping to establish a sound strategic and financial
footing for the Company during that time. We wish him the
best for the future."
Tom Rutledge stated, "Charter is
an outstanding company with great people, products, assets and
growth opportunities. I am honored to have been chosen for
this role and look forward to working with the Charter team to
provide superior products and services to our customers, create an
exciting work environment for our employees and build continued
value for our shareholders. I have great respect for what
Mike has achieved with the Company and appreciate his commitment to
ensuring a smooth transition."
"The Charter team has accomplished a tremendous amount over the
past few years, and I couldn't be more proud of them," said
Mike Lovett. "I share the
Board's enthusiasm for Tom, who is an exceptional leader. I am
confident that I will be leaving Charter in excellent hands, poised
for great success in the future."
In addition to his other roles previously mentioned, Mr.
Rutledge currently serves on the boards of CableLabs, C-SPAN and
the CTAM Educational Foundation. In 2011, he received NCTA's
Vanguard Award for Distinguished Leadership, the cable industry's
highest honor. He is a member of the Cable Hall of Fame and was
inducted into the Broadcasting and Cable Hall of Fame in 2011. He
received a B.A. in economics from California University in California, PA in 1977.
About Charter
Charter is a leading broadband communications company and
the fourth-largest cable operator in the
United States. Charter provides a full range of advanced
broadband services, including advanced Charter TV® video
entertainment programming, Charter Internet® access, and Charter
Phone®. Charter Business® similarly provides scalable, tailored,
and cost-effective broadband communications solutions to business
organizations, such as business-to-business Internet access, data
networking, business telephone, video and music entertainment
services, and wireless backhaul. Charter's advertising sales and
production services are sold under the Charter Media® brand. More
information about Charter can be found at charter.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), regarding, among
other things, our plans, strategies and prospects, both business
and financial. Although we believe that our plans, intentions and
expectations reflected in or suggested by these forward-looking
statements are reasonable, we cannot assure you that we will
achieve or realize these plans, intentions or expectations.
Forward-looking statements are inherently subject to risks,
uncertainties and assumptions including, without limitation, the
factors described under "Risk Factors" from time to time in our
filings with the Securities and Exchange Commission ("SEC"). Many
of the forward-looking statements contained in this release may be
identified by the use of forward-looking words such as "believe,"
"expect," "anticipate," "should," "planned," "will," "may,"
"intend," "estimated," "aim," "on track," "target," "opportunity,"
"tentative," "positioning" and "potential," among others. Important
factors that could cause actual results to differ materially from
the forward-looking statements we make in this release are set
forth in other reports or documents that we file from time to time
with the SEC, and include, but are not limited to:
- our ability to sustain and grow revenues and free cash flow by
offering video, Internet, telephone, advertising and other services
to residential and commercial customers, to adequately meet the
customer experience demands in our markets and to maintain and grow
our customer base, particularly in the face of increasingly
aggressive competition, the need for innovation and the related
capital expenditures and the difficult economic conditions in
the United States;
- the impact of competition from other market participants,
including but not limited to incumbent telephone companies, direct
broadcast satellite operators, wireless broadband and telephone
providers, and digital subscriber line ("DSL") providers and
competition from video provided over the Internet;
- general business conditions, economic uncertainty or downturn,
high unemployment levels and the level of activity in the housing
sector;
- our ability to obtain programming at reasonable prices or to
raise prices to offset, in whole or in part, the effects of higher
programming costs (including retransmission consents);
- the effects of governmental regulation on our business;
- the availability and access, in general, of funds to meet our
debt obligations, prior to or when they become due, and to fund our
operations and necessary capital expenditures, either through (i)
cash on hand, (ii) free cash flow, or (iii) access to the capital
or credit markets; and
- our ability to comply with all covenants in our indentures and
credit facilities, any violation of which, if not cured in a timely
manner, could trigger a default of our other obligations under
cross-default provisions.
All forward-looking statements attributable to us or any person
acting on our behalf are expressly qualified in their entirety by
this cautionary statement. We are under no duty or obligation to
update any of the forward-looking statements after the date of this
release.
SOURCE Charter Communications, Inc.